Guideline Value for Nandanam Colony 2nd Street

Nandanam Colony 2nd Street guideline value

The current guideline value of Nandanam Colony 2nd Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is part of Mylapore Part 1 village, under the Chennai Central Joint I SRO, and is classified as Residential Special Type - IV.

How the guideline value of Nandanam Colony 2nd Street has changed

The guideline value for Nandanam Colony 2nd Street has seen several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures are from the 2023 revision, which set the value at Rs 13,000 per sq.ft, and the 2024 revision, which increased it to Rs 14,300 per sq.ft, marking a change of +10%.

Prior to the 2023 revision, there were no figures available for the aforementioned years. The 2024 guideline value of Rs 14,300 per sq.ft places this street above the median value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 1

The village figures for Mylapore Part 1 show a range from Rs 4,400 to Rs 25,300 per sq.ft, with the median being Rs 8,800 per sq.ft. Nandanam Colony 2nd Street's 2024 figure of Rs 14,300 per sq.ft is higher than this median. Below are other streets in Mylapore Part 1:

• Nandanam Colony 2nd Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 3rd Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 1st Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 3rd Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 1st Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 4th Cross Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nandanam Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value would be Rs 1,43,00,000. The stamp duty at 7% would amount to Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total to Rs 12,87,000. Note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nandanam Colony 2nd Street?

The Sub Registrar Office that covers Nandanam Colony 2nd Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial component in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Mylapore Part 1, the guideline value helps in calculating the stamp duty and registration fees, ensuring compliance with local regulations.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Nandanam Colony 2nd Street?

The current guideline value of Nandanam Colony 2nd Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 1?

The median guideline value in Mylapore Part 1 is Rs 8,800 per sq.ft. Nandanam Colony 2nd Street's 2024 figure is above this median.

What are the stamp duty and registration fees for property in Nandanam Colony 2nd Street?

For a 1,000 sq.ft plot, the total guideline value would be Rs 1,43,00,000. The stamp duty would be Rs 10,01,000, and the registration fee would be Rs 2,86,000, totaling Rs 12,87,000.

Which office handles property registrations for Nandanam Colony 2nd Street?

The Chennai Central Joint I Sub Registrar Office handles property registrations for Nandanam Colony 2nd Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.